Volvo Car Group signs multi-billion dollar battery supply deals with CATL and LG Chem

Volvo Car Group has signed long-term agreements with leading battery makers CATL and LG Chem to ensure the multi-billion dollar supply of lithium ion batteries over the coming decade for next generation Volvo and Polestar models.

 CATL of China and LG Chem of South Korea are renowned battery manufacturers, both of which have long and successful track records supplying lithium ion batteries to the global automotive industry.

Volvo Cars, the premium car maker recently announced that it aims to sell a total of up to one million electrified cars by 2025.

The Swedish company plans to achieve this aim by offering at least two hybrid versions of every model in its range and releasing the first all-electric car in 2019.